Manfred Remmel elected as new Chairman of Honsel AG’s Supervisory Board
In the past meeting, the Supervisory Board of Honsel AG has elected Manfred Remmel (63) as its new Chairman. He succeeds Prof. Dr. Edward G. Krubasik (66), who had represented the interests of the main shareholder RHJ International S.A. (RHJI) in the Supervisory Board since September 2008 and accompanied the company’s restructuring.
In due course of the company’s successful financial restructuring, which was closed in July 2009, a consortium of lenders led by Bluebay Asset Management and Oaktree had taken over 49 % of Honsel’s shares in return for a debt waiving. In the Supervisory Board, this consortium is represented by Lucien Orlovius and David Levenson (Bluebay Asset Management) as well as Dr. Karl Krause (CEO of Kiekert AG). On behalf of RHJI Tony Barone and Tom Stallkamp are members of this committee. Krubasik, who had joined RHJI in August 2008 as industrial partner after long-standing assignments as director of McKinsey Europe and member of the Executive Board of Siemens AG, resigned from his office as Chairman and member of Honsel’s Supervisory Board by end of the fiscal year (key date: 31 March 2010). Supervisory Board and Executive Board thanked Prof. Krubasik for his support in challenging times.
His successor Manfred Remmel has a long-standing experience in the automotive industry. From 1971 until end of 1998 he held different executive positions at Daimler-Benz, at last as Executive Board member for production and purchasing passenger cars. After different assignments as member of the Executive Board at RWE AG, he became CEO of the automotive supplier Magna-Steyr, Austria in 2004. In his function as new Chairman of the Supervisory Board of Honsel AG he intends to support management and Supervisory Board in the company’s strategic alignment as well as the further consequent execution of the process of operative restructuring and of measures to increase efficiency.